Do I have to pay taxes after my Short Sale/Foreclosure/Loan Modification/Short Pay Refi/Principal Reduction?

Posted by Ben Nicolas on Sunday, April 12th, 2009 at 3:12pm.

 

For liability reasons it "wouldn't be prudent" for us to give you direct advice on this topic but here are some excellent sources of information for you to review with either your CPA or Tax Lawyer.

 

IRS Links:

IRS FAQ re: The Mortgage Forgiveness Debt Relief Act and Debt Cancellation

IRS News Update: Mortgage Workouts, Now Tax-Free for Many Homeowners; Claim Relief on Newly-Revised IRS Form

IRS Publication 4681 re: Canceled, Debts, Foreclosures and Abandonments

IRS Form 982

 

 

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